closing costs

[Jess21]

does $6,500 sound reasonable for closing costs in a 93k property?  is there a website where I can do this calculations myself?

[kjel]

Depends on a number of factors: purchase price, loan fees, PMI, property taxes, etc. Usually I tell my clients to budget about 6% for closing but my state has high property taxes and real estat transfer tax fees. Otherwise I'd say between 2-5%.

[StartingOver10]

Post your fees here so we can comment on something that may be out of line. As pointed out in the prior post, fees vary (6% for closing costs seems high). In our area the closing cots and pre-paid expenses are around 4 to 4.5% typically.  An exception would be on a property with a low purchase price, then the percentage increases because there are minimum fees with which to contend.

[StartingOver10]

Forgot to answer your actual question:  there is no website where you can plug in the figures per se.  However, this is where you can go over each and every figure with the LO to get a complete explanation of not only the cost but the source of the cost.

There are 3 areas of costs:  lender fees, title fees and government fees.  Escrow costs are based on your taxes, insurance and mortgage insurance and the time of year you close (so there are enough funds in the escrow account to pay your taxes and insurance when due).

Lender fees include:  origination charges, appraisal fee (if you pre-pay this at application you will see a credit on the closing statement on page one). Lender fees are on page two of the closing statement (HUD1) in the 800 section.

Title fees include:  settlement fee, owners and lenders title policy, title search fees, estoppel fees and usually the seller pays a portion and the buyer pays a portion depending upon the specifics in your contract.  If you look at a HUD1 you will see these fees itemized in the 1100 section (and credits for some of these fees on page 1 of the HUD)

Government fees include transfer taxes and doc stamps on the deed and mortgage.  This is in section 1200 of the HUD1.  These fees are also divided between seller and buyer. Generally anything relating to the deed is paid for by the seller and anything related to the mortgage is paid for by the buyer. However, it is also negotiable and will be listed in your purchase and sale contract.

If you are uncertain about your specific costs, call the title company that is closing the purchase and get quotes from them for your purchase price for government fees and title fees. Your lender is the one that has to provide lender fees.

Hope this helps.

[kjel]

^ 6% is high, but we have some of the highest property taxes in the country and the transfer taxes are also quite high.

OP, it's best if you just list what your closing costs are broken down by line item. That way we can take a look at it.

[DallasLoanGuy]

post the fees AND the rate

fha?

conv?